Cant sell Apartment at £40,000 discount

[Bigeyes]

A bought a 2 bed / 2 bath apartment on a front-line complex in Elenite, Bulgaria 2 years ago. The cheapest remaining 2 bed on the complex is priced at over 150,000 Euros. I am desperate for a sale and as such have tried desperately to sell at under 100,000 Euros without any joy. I'm now lost for ideas.

 

[Bigeyes]

The apartment is listed on the developers website (last one of the listing ie: apt. 510 in section A2 - _-= FORTNOKS =-_

Total area is in excess of 110 sq metres and the apartment has a pool view.

You will notice that the actual price that I will accept is less than any available ONE bed on the complex.

My price will also include ALL furnishings (including soft furnishings) AND maintenance fees paid until the summer of 2008.

Unlike the majority of off-plan there will be no worries as regards CGT as I will agree to the full purchase price on the notary deeds.

 

[Tania]

trying to help

Hi Bigeyes,

sorry to hear for your your troubles. I am owner of estate agency in Bulgatia. I will be happy to help you - if you do not mind I will ofer your apartments to potential clients. I do not promise you anything but is .... something. And who knows - it may work.

Please let me know your contact number and e-mail /I need to know how to find you if there is someone interested/.

My e-mail is: [email protected] or [email protected]

Best Regards,
Tania

 

[mike123]

Sorry for your loss,
FORTNOKS are selling too expensive and overpriced, and it will take a long time till you get your money back I think!
Good luck!

 

[DC]

Can you get a bank valuation on the property, then sell it or remortgage the property and rent it out.

 

[bulbasaurus]

A bought a 2 bed / 2 bath apartment on a front-line complex in Elenite, Bulgaria 2 years ago. The cheapest remaining 2 bed on the complex is priced at over 150,000 Euros. I am desperate for a sale and as such have tried desperately to sell at under 100,000 Euros without any joy. I'm now lost for ideas.

Heck sorry to hear this but can't the developer sell it for you and you give them a chunky commission. You could cheese them off by putting a big banner up in your flat window/balcony saying "2 bed flat - Euro 100k". The developer may take it off your hands then so as not to disrupt the off plan sales as you can be 100% sure no one will buy at the developers prices if they see yours.

You have to play hard ball in this game....

 

[mrandmrshendley@ntlworld.]

elenite

A bought a 2 bed / 2 bath apartment on a front-line complex in Elenite, Bulgaria 2 years ago. The cheapest remaining 2 bed on the complex is priced at over 150,000 Euros. I am desperate for a sale and as such have tried desperately to sell at under 100,000 Euros without any joy. I'm now lost for ideas.

my friend in same boat had any luck? any new ideas sorry for intrusion

 

[mrandmrshendley@ntlworld.]

messambria

my friend in same boat had any luck? any new ideas sorry for intrusion

he has 1 bedroom apt in messambria

 

[awahee123]

Looks as though Bulgaria may not be as good an investment as everyone was lead to believe.Is it maybe the original price paid was too high or what?.

 

[bulbasaurus]

Bulgaria resale

Bulgaria coast if the biggest marketing con ever. Its just TOO COLD - much better to choose Morocco, Egypt,Florida - anywhere where its warmer! It does not economically stack up because the rental season is TOO SHORT to get a sensible return.

It could work if Bulgarians were buying and renting these apartments but they are not in any quantity. For that reason I'd buy a coastal flat in Iceland before Bulgaria because I know there would be some local demand!!

People need to wake up and smell the coffee but the agents will be the last ones to tell them.

 

[awahee123]

Agreed I also think Bulgaria is a no go,its nice for a holiday but thats all,I was thinking of buying in Varna 3 yrs ago but I changed my mind.I'm glad I did I think there will be alot of similar stories in the near future.

 

[AnotherPropertyGuy]

I had a great 2 week holiday in Bulgaria. I did not think much of Sofia but I thought Plovdiv was a fantastic place. Lots of culture, old buildings, near to the mountains for walking in summer and skiing in winter. I would not touch any of the new build flats with a bargepole - they are awful. Built by property developers looking for a fast buck. I'd go for a nice little place in one of the towns.

 

[awahee123]

If you are looking to buy here as you say it's best to buy something in a local village which will be a lot cheaper than a new build property.

 

[John]

If you are looking to buy here as you say it's best to buy something in a local village which will be a lot cheaper than a new build property.

Definately. There is still a lot of great value to be had if you look outside the big developments that are being pushed so hard. The trouble though is always going to be with exiting - It's a daunting task to try and compete with these "property pushers" who seem to have an endless marketing budget when trying to sell your property.

Bulgaria, long-term is still a good bet (provided you do a LOT of homework). Despite all the negative news about the market there, I still see a lot of people interested in the area. One (in my opinion) good example of this is the amount of people searching for "property bulgaria" on the search engines - This has increased by about 30% over the past 12 months, very few other areas can boast of similiar activity.

 

[awahee123]

I agree John it has been popular for a very longtime and still seems to be popular,
However there seems to be a few horror stories coming through lately.
I think buying a rundown property for a few thousand pounds would be good with some land I think this is the best way forward.

 

[overseas wills]

Re

Sorry but I have to disagree. I think the coastal region around the st vlas area is superb and the people very friendly. Warm from May to October. I visited Cambrils in Spain last October and the weather was rubbish and the place was closing down for the winter so for me I know where I would rather go for cost.

 

[Lysos]

None of which alters the fact that "Bigeyes" cant's sell his flat even at a £40k loss !. Actually, when you add in the interest he's lost on capital, plus service charges and possible mortgage costs his loss is even greater. From what I've read elsewhere he isn't alone; In fact I can find no evidence of ANY resale market in Bulgaria's coastal and ski resorts, despite what agents may claim.

 

[Salt Lake]

I would agree Bulbasaurus. The annual return promiced by agents reaches sometimes 15-20%. Season is really short - not more than 3 months real season (June, July and August). It is getting more and more overbuilt. At the same time as there are two many new projects agents are not interested in offering apartments in any older projects. There is no resale market of the properties at least for the moment. I would conclude the following: Bulgaria is good for retired people coming to live here as living costs are much lower. But as an investment in the resorts I wouldn't say it is as much worth as advertised.

 

[MONEYMAKER]

A bought a 2 bed / 2 bath apartment on a front-line complex in Elenite, Bulgaria 2 years ago. The cheapest remaining 2 bed on the complex is priced at over 150,000 Euros. I am desperate for a sale and as such have tried desperately to sell at under 100,000 Euros without any joy. I'm now lost for ideas.

where is your complex,which area i mean

 

[MONEYMAKER]

where is your complex,which area i mean

i am just back from bansko and bought nothing,this is my problem with the place,,there are no end of properties for sale at less than the price people purchased them for 3 years ago,when they were bought of plan.now complete they are worth less